Jiame75
Level 1
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Can somebody tell  me as inheritance money is report it to the IRS?

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Just-Lisa-Now-
Level 15
Level 15
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Depends on what you inherited.

You'll have to hit Google up for some specifics.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
skyking535
Level 1
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He/she said MONEY!

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Just-Lisa-Now-
Level 15
Level 15
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Was it money from a retirement account? Money from stock sales? Money in a savings account?


Not all "money" is treated the same for tax purposes.

 

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dd4vols
Level 9
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just put all of the 'money' in a Kroger sack and send to closest IRS office.... just to be safe, you know..since you don't know....

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DaveS
Level 1
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Money inherited by a beneficiary is not counted as income.   However, if they receive a K-1 from a 1041 there maybe :  interest income, dividends, capital gains, and other income to be reported on their 1040.

IRonMaN
Level 15
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Um, if that money came from an IRA, I’m pretty sure someone is going to owe some tax money on that inherited money.  But If all of that inherited money was sitting in a Kroger bag in the dearly departed’s freezer, I’m pretty sure that freezer money is going to be free money.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
oakhillsal
Level 3
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Gee, all I heard was a "beep beep" before the anvil hit me.....

IRonMaN
Level 15
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That &^$##^&!!@ roadrunner is a menace to society.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)